"Even music" sales to reach 11.7 trillion by 2008


Via Paul Resnikoff over at Digital music news:
"PricewaterhouseCoopers has released a global entertainment and media outlook for 2004-2008, projecting robust growth overall. "E&M" spending will grow at an annual rate of 6.3%, reaching a total revenue base of 11.7 trillion by 2008. 2003 saw a growth rate of 4.2 percent, with a revenue total of $1.2 trillion. The Asia/Pacific region will drive the upward trend, with China and India leading the growth curve. The US will remain the largest market overall.

"Even music" will be part of the upward trend according to thereport: "legal measures against piracy, lower prices, and an improved economy will help start turning the music industry around in 2005, with a projected 2 percent CAGR [compound annual growth rate] for the 2004-2008 period."

The report sees digital distribution as a key driver in the US market: "In the US licensed digital distribution sales increased from $13 million in 2002 to $71 million in 2003 and are projected to rise to $2.2 billion by 2008, becoming the principal driver of growth in the recorded music industry as a whole."

For a digital indie this is music to our ears...